The Indian Competition Appellate Tribunal (COMPAT) upholds the Indian Competition Authority’s decision against 4 public insurance companies but reduces fines to avoid overburdening the taxpayers (National Insurance / New India Insurance / Oriental Insurance / United India Insurance)

COMPAT upholds CCI order against four Insurance Companies, but reduces penalty* COMPAT vide order dated December 09, 2016 has upheld CCI order dated July 10, 2015 passed under section 27 of the Act against Public Sector Insurance Companies for bid-rigging while reducing the penalty from Rs. 671 Crores to Rs. 2 Crores calculated as per the relevant turnover of the

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  • Vaish Associates, Advocates (New Delhi)

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Man Mohan Sharma, The Indian Competition Appellate Tribunal (COMPAT) upholds the Indian Competition Authority’s decision against 4 public insurance companies but reduces fines to avoid overburdening the taxpayers (National Insurance / New India Insurance / Oriental Insurance / United India Insurance), 9 December 2016, e-Competitions Bulletin December 2016, Art. N° 87881

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